There is no doubt that Bitcoin has proved itself as the safest cryptocurrency to store value and to this end, more users are already contemplating leaving the asset as an inheritance to beneficiaries when they are deceased.
Speaking to Kitco News on Wednesday, Roc Zacharias, CEO of Lunar Digital Assets said that Bitcoin is the best form of sound money. Asked if he would leave Bitcoin as an inheritance to his kids he said, “100%, I’m going to.”
According to the QuickSwap co-founder, another cryptocurrency is yet to come out as a preferred store of value asset.
“Ethereum is great and I have built on Ethereum and Polygon but, they are not sound money. It could be changed, and you don’t want your savings, the inheritance that I put in some smart contract for my kids in 30 years, I don’t wanna know if that’s gonna change if I die,” he added.
The DeFi pundit further expressed his confidence in Bitcoin despite claims that the asset’s price was “too volatile” to be considered a true store of value by some quarters. According to him, volatility is everything and if there is no volatility then users will lose out on the game.
Tackling Digital Asset Inheritance
With more people adopting cryptocurrencies, the issue of inheritance is fast becoming a key consideration with more people believing that the asset’s price could only go northwards thanks to its capped supply.
On this note, asset management firms and banks such as River Financial, NYDIG, Circle, Paxos, Bakkt, U.S.Bank among others are already offering services that help crypto holders safely store their assets and pass them to their heirs when they pass on.
With about 90% of digital assets owners being worried about what will happen to their assets when they are gone according to a study by Cremation Institute, states such as Alaska, Alabama, Ohio, New Jersey among others have already adopted the Revised Uniform Fiduciary Access to Digital Asset Act (RUFADAA).
Developed by the Uniform Law Commission (UCL) IN 2015, the RUFADAA act seeks to give fiduciaries such as lawyers and executors the power to manage a deceased’s or incapacitated person’s digital assets. In essence, the Act’s drafters envision treating cryptocurrencies the same way traditional assets are treated, giving the owner a voice in deciding who should inherit the assets once they are deceased through conventional methods such as writing a will.